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Egypt’s Administrative Capital Company targets EGP 26 bln in profits by end of 2023

Egypt's Administrative Capital for Urban Development Company (ACUD) targets a projected profit of EGP 26 billion by the end of 2023.
28.11.23 | Source: Ahram Online

Speaking at a symposium organized by the British Egyptian Business Association (BEBA), Abbas shared his optimism for continued growth in the company's profits in 2024.

Highlighting the company's successful journey, he described ACUD as a realization of a dream within a span of six years. Starting from scratch in 2017, a dedicated team worked tirelessly to meticulously plan and develop the new capital.

The foundation of the new capital rests on three fundamental pillars: sustainability, intelligence, and environmental consciousness, Abbas added.

“ACUD is committed to building an urban landscape that is both eco-friendly and technologically advanced,” Abbas highlighted.

In September, ACUD revealed its intention to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024, he said.

This step aligns with the Egyptian government's larger plan to offer stakes in 35 state-owned companies to strategic investors by 2024.

With a total capitalization of EGP 204 billion ($6.6 billion), ACUD's public offering signifies the company's confidence in its future prospects and commitment to further growth.

The new capital, spanning an expansive area of 170,000 feddans (approximately 71,500 hectares), is situated 35 kilometres southeast of Cairo.

The symposium also witnessed the presence of prominent individuals, including Sherif Hamouda, chairman of GV Group, the developer of Tarboul Industrial City, and Ibrahim Mustafa, vice president of the Suez Canal Economic Zone (SCZone), alongside other notable figures.